These are the 15 states with the highest per capita income in the United States right now.
Photographed on Unsplash by Venti Views, the Los Angeles skyline com United States citizens own 30 percent of the world's wealth, or more than $126 trillion. This makes the country far and away the wealthiest in the world. Credit Suisse's Global Wealth Databook for 2021 reports that global wealth
Photographed on Unsplash by Venti Views, the Los Angeles skyline com
United States citizens own 30 percent of the world's wealth, or more than $126 trillion. This makes the country far and away the wealthiest in the world. Credit Suisse's Global Wealth Databook for 2021 reports that global wealth has reached $3 trillion. It also has the highest percentage of millionaires (40%) of any country in the world. Over the age of 21 2,000,000+ grown-ups
But that doesn't mean that everyone's doing great financially in the United States; on the contrary, the country as a whole is afflicted by a massive income gap.
You'll have to crunch some numbers if you want to know which states in the United States are the most prosperous. But don't worry; we've already taken care of that. One of the best indicators of a region's prosperity, the median household income shows us how well off the average resident is.
Many factors contribute to a country's total wealth, making it difficult to pinpoint a single indicator. An often-used indicator of a country's economic health is its Gross Domestic Product (GDP), but as we saw above, this fails to take into account the wide range of personal wealth within the population.
The mean income value, calculated by dividing the sum of all incomes by the total number of incomes in the relevant dataset, also does not help close the income gap.
We opted for the median income because it provides a more representative snapshot of the population as a whole, sitting somewhere between the highest and lowest earners.
Now that you have a general idea of how we came up with these rankings and the metrics we used, let's take a look at the 15 wealthiest states in the United States.
- RI: ,169 | 15th in the U.S.
- [] ,108 for the Big Apple
- State of Minnesota: [] ,593
- State of Alaska: ,161
- [] Utah – ,780
- A whopping [] in Virginia, at ,456
- Here's the breakdown: [] Colorado: ,127
- The state of New Hampshire came in at number [] with ,933 in expenses.
- Seventh State of Washington: ,087
- In the state of Connecticut, the minimum wage is .833
- [] ,400 in the Golden State
- A total of ,102 for the state of Hawaii
- 751 in [] New Jersey
- A total of ,843 in the Commonwealth of Massachusetts
- An Example State Budget: [] Maryland .8k
15th, at ,169, is Rhode Island.
Stock image of Providence, Rhode Island, taken by photographer demerzel21. adobe com
With a median household income of ,169, Rhode Island is the 15th wealthiest state in the United States as of the present. It has the lowest per capita income and the seventh-lowest population in the United States, and it is the smallest state in terms of land area. 1,000,000 people by the year 2020 However, it has the second highest population density of any state.
The poverty rate has decreased from 13 percent to 9 percent over the past few years as the economy has improved. 9% to 11 58% It had a problem finding jobs for its residents, but that has improved slightly over the past few years. Rhode Islanders used to rely heavily on welfare and food stamps.
The approximate age was 16 In 2015, the median household income in the state was just ,073, which was significantly lower than it is now. In the middle of the S Rhode Island's annual household income of ,169 is lower than the national average of ,900 (,900 in 2021). This is a significant improvement over previous years.
New York, 14th place: ,108
Pexels photo by Roberto Vivancos of the New York skyline. com
Shockingly, New York ranks only 14th in the nation with a median household income of ,108. The state with the fourth-highest population in the United States, with 20 New York, with its 2 million residents, used to do better in the past, when its annual household income was above the national average.
According to the most recent data, from 2021, it is now lower than that mark, likely as a result of the pandemic's effects, which brought about many changes, most notably in the unemployment rate, which is now at 7 percent. 0.1% versus 5.0% A reversal to 2015's 3%
13 million people in New York live below the poverty line. The current rate of 58% is up from a low of 15% a few years ago. 4% The cost of living is significantly higher than in most other states, which contributes to the region's relatively high income inequality. The cost of living is higher in New York City as well; according to some estimates, the city is 15 7% higher than the national average
The median home price in this state is $373,075, which makes homeownership a distant dream for most residents. Most people's solution is to pay the exorbitant rent, which leaves them with no money for food, transportation, or other necessities of life.
13 - Minnesota, ,593
Unsplash photo by Nicole Geri, taken in Minneapolis, Minnesota. com
Minnesota, a state in the upper midwest of the United States, has a population of over 5 75,000,000 individuals Its median household income of ,593 is up from where it was a few years ago, but it still falls short of the national average.
Minnesota is a wealthy state in part because of its extensive farmland. The unemployment rate in our country is 3% as of April. This state's unemployment rate of 7% ranks 39th out of the 50 in the country, which is significantly higher than the average.
The state of Minnesota also benefits from a low poverty rate of just 9. At 33%, it's the 48th highest in the country. These results can be partially attributed to the astounding 34 A mere 7% of the population has a bachelor's degree or higher.
Moving to Minnesota is a great idea.
Number Twelve: ,463 in Alaska
Pictures of Juneau, Alaska, courtesy of David Mark and pixabay com
Alaska's oil industry has thrived over the years, but the state's other natural industries of mining, forestry, fishing, and agriculture have also contributed to the state's relative stability. In 2021, the median household income was ,463, which is nearly the same as in previous years with only small variations.
Also of note, the unemployment rate in Alaska is 6%. The poverty rate in this state is 10.1%, which is among the lowest in the United States despite remaining at 3% since 2015. 34%
11. Utah - ,780
Photography of Salt Lake City, Utah, by Brent Pace on unsplash com
After years of growth, Utah's median household income has reached ,780, placing it just below the top ten states.
The fact that Utah's unemployment rate is only 2% is one of the state's distinguishing features. 4%, and its poverty rate is third-lowest in the world at 9% 13%, a sum that evens out the playing field between the rich and poor.
Despite being one of the most prosperous states in the US with a robust job market, housing costs in this state average around $330,000.
Utah was ranked the top state in the nation for Economic Dynamism in 2007, and number one in 2014 Forbes’s list of “Best States for Business” That alone is sufficient evidence of its economic success.
Tenth, Virginia: ,456
Pictures of Richmond, Virginia, courtesy of photographer Bruce Emmerling on pixabay com
Virginia is the 10th wealthiest US state because it is home to some of the country's richest places and has one of the highest percentages of adults with bachelor degrees.
By 2021, its median household income had increased to ,456 thanks to a 3 With an unemployment rate of 8.2% and a total workforce of 10. With a poverty rate of 0.01%, the path to success is clear.
Many highly educated Americans flock to Virginia because of its proximity to the nation's capital.
9. ,127 for the state of Colorado
Picture of Denver, Colorado, taken by Acton Crawford and posted on unsplash com
The median household income in Colorado has risen to ,127 over the past few years, while the number of households receiving food stamps (now called SNAP, or Supplemental Nutrition Assistance Program) has decreased.
The unemployment rate has crept up from 3.0% in 2015 to 3.2% in 2017. 9% to 5 A decline in poverty rate from 11% in 2010 to 6% in 2021 5% to 9 78%
The median home price in Colorado is $397,820, which is quite a bit for most people, but the state also contains one of the wealthiest counties in the country. with a median income that is 37% higher than that of the entire country
8, New Hampshire: ,933
Photo by Wangkun Jia, stock: Concord, New Hampshire. adobe com
With a median home price of around $290,000 and a median household income of ,933, New Hampshire ranks among the lowest-cost states on this list.
The state's unemployment rate is also quite low, coming in at just 2. 9.0 percent, and it has the nation's lowest poverty rate, 7. 42% The combination of the high standard of living and low price of living makes this region highly desirable.
New Hampshire's many highly regarded educational institutions put it in a class by itself when compared to other states.
Washington, DC (,687) ranks seventh.
Seattle's skyline, captured by unsplash photographer Thom Milkovic com
Because of the presence of major employers like Amazon in the state, Washingtonians enjoy a higher per capita income, but they must also contend with rising living expenses, most notably a median home price that has increased to $409,228. Placed #4 on the list of most expensive housing markets in the country.
Washington state has a median household income of ,687, which is slightly lower than the national median. Jobs are plentiful, and the poverty rate is low (just 10 percent). 19%
Sixth-placed Connecticut: ,236
Stock Photograph of Hartford, Connecticut, by Photographer f11photo adobe com
Although its median household income of ,833 is a thousand dollars more than Washington's, Connecticut is still below the national average. Several major industries, including goods and pharmaceuticals, are headquartered in this prosperous state, raising the average income of its citizens.
It's no secret that Connecticut's population has been expanding at a steady clip in recent years. In addition, it has the third highest concentration of millionaire homeowners per capita. The median house price is just $255,555, making living here more affordable than in many other states. It's a good place to live because of the low poverty rate and other factors.
State of California: , (,440)
Stock photo of the Los Angeles skyline, taken by Alonso Reyes adobe com
The Golden State of California has the largest contribution to the US economy, with a gross state product of nearly $3 trillion. It has the largest population and is the third largest state in terms of land area.
The agricultural, technological, touristic, commercial, and media industries are the backbone of its thriving economy. Sadly, its unemployment rate of 7 places it at the top of the US, tied with Nevada. 5% In 2020, the median home price will have risen to 4,886.
Due to its large population and highest unemployment rate, California's economic inequality is particularly severe. There, families can expect a median income of ,440 per year.
Fourth-place Hawaii, at ,102
Unsplash photo of Kauai, Hawaii, by Karsten Winegeart com
Most people's mental images of Hawaii include picture-perfect palm-fringed beaches, a carefree vibe, surfers, and a carefree way of life. However, the median home price in Hawaii is an astounding 6,451, making it the most expensive state in the US to live in overall.
The tourism and defense industries contribute significantly to this affluence, helping to push the median household income up to ,102. Despite a large unemployment rate, Hawaii has a comparatively low poverty rate.
Third place: ,751 in New Jersey.
Unsplash photo by Tomas Martinez featuring the New Jersey skyline. com
New Jersey ranks third in terms of per capita income in the United States, at ,751. Naturally, being close to New York City is a plus, as many locals find employment there and enjoy higher incomes than the typical New Jersey resident.
The state of New Jersey has one of the lowest poverty rates in the country, at just 9 Despite having one of the lowest poverty rates in the country (67%), New York State has one of the highest unemployment rates in the country, suggesting significant income disparity despite the state's proximity to the nation's most populous city. The cost of living is relatively high and is comparable to that of New York City, which can be problematic for some
2nd place: ,843 in Massachusetts
Stock Photograph of Boston Harbor by iuliia_n adobe com
Massachusetts has the highest number of residents with bachelor's degrees and is the most well-known center of higher education and healthcare in the country. with a typical family making ,843 a year
Living expenses are high because the median home price is third highest at $422,856.
Massachusetts is thriving not only in the fields of education and healthcare, but also in the fields of finance and technology.
1. ,738 in Maryland
Photo of Baltimore's Inner Harbor by Action Vance on Unsplash com
With a median household income of ,738 and a larger share of the nation's government workers, whose salaries are among the highest, Maryland is the wealthiest state in the United States.
Also, at 9%, its poverty rate is lower than all but one other country. The median home price is $308,041, which places it just below New York's.
More than 38% of adults there have a bachelor's degree, making this a country with a high level of education. Increased joblessness since the pandemic began several years ago.
As you may have noticed, there is a positive correlation between education and salary. However, other factors, such as residing in an area where some of the highest paying industries are located, are also crucial.
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